Retirement Planning

Long Term Care Insurance

Long term care insurance is a relatively new option that protects seniors in the event that they may need in-home or nursing home care. Medicare and Medicare supplemental insurance to not cover these costs. When you’re interested in being financially prepared and protecting your assets, LTC insurance is the right choice.

Chose in their 40s or 50’s who are in good health with no preexisting conditions are recommended for these programs. You can lock in low rates at a young age and save some serious cash. Companies may ask you other questions about any family health issues, what kind of coverage options you need, and if you have any other kinds of insurance.

Choosing the Best Long Term Care Insurance

Range of Options: The best LTC insurance policies cover a broad range of services for ongoing services. Don’t choose one that provides only for “in home care” for example. You must decide what kind of coverage you will need and if your policy will cover that and under what conditions.

Reputation and Health of Company: Never forget to check your company against rating agencies such as Moody’s, A.M. Best, or Weiss Ratings for example. This will help you choose a company that is least likely to go belly up when you need your money.

Don’t Overpay: Shop around. Choose the best rated companies and get quotes from all of them. Also, research and see if the company has a history of increasing premiums. While it is unlikely, it has been known to happen and leave people losing a lot of money.

Ask about Inflation Costs: Does your policy protect against the rising costs of long term care? The cost of a personal room of a nursing home is about $74,000 — if it goes up will your policy cover it? Or leave you to pay the balance. Be sure to ask about this protection and any relevant clauses.

Delay your Payout: Longer payout periods — when you can actually get your funds — result in lower premiums.

Long Term Insurance Quotes

Retirement Planning

Managing Finances for Elderly

If the security and well-being of your family is important to you, you are likely concerned about their finances as well. Aging parents and grandparents are not always aware of new ways of saving and investing that may help them. Trying to help out can be stressful but also very rewarding for everyone.

Many elders in the family may have a plan about retirement and post-retirement. However, some don’t have all the specifics and “what-ifs” worked out. It is important to communicate and offer advice to ensure they are making wise decisions. Whether it be building an investment portfolio or simply making some changes to retirement plans, it can make a major difference.

Tips on Managing Finances for Elderly:

Open the line of communication: Start the conversation sooner rather than later, don’t wait for them to bring it up down the road sometime. Offer suggestions, and explain your own financial strategy. Ask for input and answer all questions they may have about complex topics.

Ask for outside help: This may be impossible to do it all on your own. You may want to meet with a financial advisor before approaching elderly family members. You may also ask if they would like to get help from a professional or another family member as well.

Don’t force it: If they don’t want to make any changes just yet, be patient. Who knows in a few weeks, months, or years they may come around. Don’t attempt to rush into anything, either. It is, after all, their money you’re talking about.

Start with the basics: Begin doing your finances together slowly. Start doing basic monthly financial plans together before adding any complex matters. This may include balancing checkbooks, making monthly budgets, and looking over bills. This can make the process a whole lot easier and more natural.

Explain all risks and benefits clearly: Anything to do with the stock market may be a red flag in the eyes of our aging parents and grandparents. Offer a variety of options including ones that are most attractive for retirees. Some examples may be Municipal bonds, Treasury bonds, Fixed Annuities, or Money Market accounts.

Build a support system: Try to get the whole family involved in taking their finances into their own hands. That way, it becomes a group effort and takes some of the pressure off our retiring parents/grandparents.